Outokumpu Completes EUR 50 Million Share Buyback Program, Acquires 11 Million Shares

Outokumpu Completes EUR 50 Million Share Buyback Program, Acquires 11 Million Shares

(IN BRIEF) Outokumpu has successfully concluded its share buyback program, announced on November 29, 2023, with a total expenditure of EUR 45,669,553.67 million. Under this initiative, Outokumpu repurchased 11,000,000 of its own shares, representing approximately 2.4% of the company’s total shares, at an average price of EUR 4.15 per share. With the completion of the program, Outokumpu now holds 33,188,820 treasury shares, constituting 7.3% of the company’s total shares. The buyback aimed to mitigate the dilutive impact of outstanding convertible bonds and provides flexibility for future capital management decisions. Further details can be obtained from the provided contact information for investors and media inquiries.

(PRESS RELEASE) HELSINKI, 1-Mar-2024 — /EuropaWire/ — Outokumpu, a global leader in sustainable stainless steel, announces the successful conclusion of its EUR 50 million share buyback program, which commenced on December 1, 2023, as announced on November 29, 2023. Throughout the program, Outokumpu repurchased a total of 11,000,000 of its own shares, utilizing EUR 45,669,553.67 million for the repurchases. The average share price stood at approximately EUR 4.15.

After the completion of the share buyback program, Outokumpu holds a total of 33,188,820 treasury shares, representing 7.3 % of the company’s total number of shares. The share repurchases were funded by using funds from the unrestricted equity. The share repurchases were executed through public trading on the regulated market of Nasdaq Helsinki and selected multilateral trading facilities.

On November 29, 2023, Outokumpu announced that its Board of Directors had approved a share buyback program of up to EUR 50 million under the authorization of the Annual General Meeting 2023 to repurchase a maximum of 45,000,000 of Outokumpu’s own shares, representing approximately 9.8% of Outokumpu’s total number of shares. The maximum number of shares to be repurchased under the program was 11,000,000, representing approximately 2.4% of the company’s total number of shares. The program commenced on December 1, 2023, and was set to end no later than on March 21, 2024.

Through the share buyback program, Outokumpu seeks to mitigate and manage the dilutive impact of the company’s outstanding convertible bonds. The repurchased shares are initially held by Outokumpu as treasury shares and may be used to meet its obligations under the convertible bonds. Alternatively, Outokumpu may decide to cancel any or all of the repurchased shares and reduce its capital accordingly.

Prior to the announcement of the share buyback program, Outokumpu held 23,041,290 treasury shares, representing approximately 5.0% of the company’s total number of shares.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Media: Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374

Media desk, tel. +358 40 351 9840, e-mail media(at)outokumpu.com

SOURCE: Outokumpu Oyj